Monetary policy faces "significant limitations" as a tool to address financial stability risks, and would have caused major economic damage if it had been used to head off the U.S. housing bubble, Federal Reserve Chair Janet Yellen said on Wednesday. Weighing in a global central banking debate, Yellen reiterated her view that regulatory policy needs to play the lead role in combating excessive financial risk-taking. She said, however, that an increased focus on financial stability in monetary policy deliberations was appropriate, but that central banks should only shift interest rates to combat risks to stability in rare circumstances.
via Business News - Yahoo Finance http://ift.tt/1xhdlUo
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